AUS
NZ
UK
CA
USA
IND
Highlights
- Crude oil prices were stable on Tuesday.
- Oil watchers are eagerly waiting for the OPEC+ monthly meeting, scheduled on Wednesday to decide the further increase in output.
- Prices were under some pressure from expectations that the current week’s US supply report will show an increase in crude oils stockpiles.
Crude oil prices were nearly stable on Tuesday on expectations that OPEC and its allies can boost supplies for coming months which could ease the ongoing supply crisis in the market.
April delivery Brent Crude oil futures last traded at US$89.46 per barrel up 0.06%, whereas March delivery WTI crude oil futures traded 0.31% up at US$88.47 per barrel as of 2 February 2022 at 12:46 PM AEDT.
OPEC’s plan
Oil watchers are eagerly waiting for the OPEC+ monthly meeting, scheduled on Wednesday to decide the further increase in output.
Crude oil prices reached their seven-year high levels on Friday on supply shortage and political tension in the Middle East and between the US and Russia over Ukraine.
Source: © Gumpapa | Megapixl.com
Leading oil-producing nations of the world were unable to increase their output as per OPEC's plan leading to tight supplies in the past.
Apart from this, crude oil prices also got support from the possible military conflict between Russia and Ukraine which is expected to cut natural gas supplies to Europe.
Prices were under some pressure from expectations that the current week’s US supply report will show an increase in crude oils stockpiles.
Bottom Line
Crude oil prices were nearly stable on Tuesday on expectations that OPEC and its allies would increase the output for the coming months which will balance the ongoing supply crisis in the market.